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It is possible to embed YouTube, Vimeo and Stream videos in PowerPoint. Use the Video -> Insert Video From -> Online Video ... and paste the link to the video in the dialog box.
In the Teams meeting, instead of presenting via a desktop share or screen share, use the PowerPoint option on the far right-hand side. This will use YouTube, Vimeo or Stream as the video source instead of the Client PC.
You must use the PowerPoint content sharing instead of desktop sharing to get this to work.